Mithril leads Series C round for train travel platform SilverRail

SilverRail said Monday that it has closed $40 million in Series C funding. Mithril Capital Management led the round with participation from return backers Canaan Partners, Sutter Hill Ventures and Brook Ventures. In addition to the funding, Ajay Royan, co-founder of Mithril, will join SilverRail’s board of directors. SilverRail is a train travel platform.

PRESS RELEASE

London/Boston, April 14, 2014 – SilverRail, the global leader in passenger rail search and distribution technologies, today announced it has raised $40m in Series C funding to accelerate the integration of global rail carriers, continue building next generation search technology, and expand carrier IT solutions. This will include multi-modal journey planning and pricing, booking and reservation management, inventory and seating management, and reporting and analytics.
The Series C investment round was led by Mithril Capital Management, the global technology investment firm founded by Ajay Royan and Peter Thiel, and supported by existing investors – Canaan Partners, Sutter Hill Ventures and Brook Ventures.
“There are two critical global networks that have never worked well together: web and rail,” said Ajay Royan, co-founder and managing general partner at Mithril Capital Management. “Currently, a lot of time, energy, and data are being wasted. By upgrading the interactions among users, operators, and travel agents, SilverRail is making train travel much easier than air.” Royan will join the company’s board of directors.
“Mithril, which focuses on businesses that use technology to solve intractable problems, often in traditional sectors long overdue for innovation, is a perfect fit for SilverRail” said Aaron Gowell, co-founder and CEO of SilverRail. “This additional funding will allow us to continue to develop market leading solutions for both rail carriers and travel sellers around the world,” he added.
Aaron Gowell and Will Phillipson founded SilverRail in 2009 with the vision of connecting every major rail carrier in the world and transforming search and ticketing. By consolidating content across multiple rail carrier systems, SilverRail has created a global marketplace for sellers and suppliers to connect, a feat historically close to impossible.
Today, the SilverRail platform is connected to markets accounting for $60bn in rail transactions throughout North America and Europe. In the last year alone, SilverRail has added connections in Spain, Italy, and Sweden, and is looking to move into Asia, with the goal of having all major global rail carriers integrated over the coming years.
About SilverRail Technologies, Inc.
SilverRail connects rail operators and travel sellers through the first global distribution platform: SilverCore. This platform aggregates global rail content into a single, unified system through direct supplier connections, standardizing the search, booking, and fulfillment processes. Learn more about SilverRail and connect via Facebook, Twitter, LinkedIn, YouTube and Blog.
About Mithril
Mithril is a global investment firm that provides capital to leading growth companies by partnering with teams who use technology to build valuable and lasting businesses, often in industries long overdue for change. Each of these businesses is unique, but all face common challenges to unlocking long-term growth. Mithril helps navigate these critical inflection points by investing in size and with conviction. http://www.mithril.com/

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